2 March 2017
Morning Live Updates ; Market Opens at New 52-Week High; Sensex Up 150 pts
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Tata Motors, ICICI Bank, Wipro, Bajaj Auto, GAIL, Hindalco and Tata Motors (DVR) were early gainers while Dr Reddy's Labs and Coal India were under pressure. The Indian rupee gained by 8 paise at 66.75 per dollar versus 66.83 Wednesday. Tirthankar Patnaik of Mizuho Bank says he expects the USD-INR to range between 66.50-67.50/dollar in the near term with the State election results on March 11 crucial for its continued strength.
The dollar hit a seven-week high after hawkish comments from two Federal Reserve officials increased expectations that the US Central Bank is closer to raising interest rates. Futures traders are now pricing in a 69 percent chance of a Fed hike in March, up from 35 percent on Tuesday. Asia markets traded mostly higher, tracking gains in the US where the Dow Jones industrial average closed above 21,000 on the back of President Donald Trump's speech to lawmakers.